GST Council Promotes Digital Payment With 2% Concession On GST

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GST Council in its 27th meet on Friday has recommended a concession of 2% discount in GST on B2C supplies wherever 3% or more GST is charged (1% from Central GST and 1% from State GST). The concession is proposed for payments made using digital mode or cheque and is capped to a maximum of Rs. 100 per transaction and is being offered to give digital payment a boost.

Also Read GST Council says Single Monthly return for business

GST Council Promotes Digital Payment With 2% Concession On GST

The Council has also made recommendations with regard to cess imposition on sugar in excess of 5% GST. Additionally, it proposed to reduce GST on ethanol. The cess imposition on sugar is in light of the record production of sugar this year and consequent sharp drop in its price and huge arrears.

The Council recommended constituting a GoM from State Governments to consider the proposals and make recommendations considering the views expressed in the GST Council meet before the next meet of the Council.

In April, the GST collection crossed Rs. 1 lakh crore mark for the first time ever since GST has been implemented. And keeping this in view, it is suggested that the government will be able to meet its indirect tax revenue targets of FY19. At the same time, it is an indication of the stabilisation of the GST.

At the meeting, it has been also decided that the GSTN would now be owned by the government. Currently, 24.5% stake in the company is held by GoI and the other 24.5% is owned by all states that include NCT of Delhi and Puducherry, and the Empowered Committee of State Finance Ministers (EC). And the remaining 51% is owned by non-Government financial institutions.

Goodreturns.in

Story first published: Saturday, May 5, 2018, 9:41 [IST]
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